N.J. Admin. Code § 11:2-3.3
Current through Register Vol. 56, No. 9, May 6, 2024
(a) Credit life insurance and credit accident and health insurance shall be issued only in the following forms: 1. Individual policies of life insurance issued to debtors on the term plan;2. Individual policies of accident and health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;3. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; or4. Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.(b) The individual and group coverages permitted by (a) above may be offered in combination with credit involuntary unemployment insurance, credit personal property insurance, or both, under separate and distinct policies, subject to the provisions of 11:2-3.1 7(i).(c) Notwithstanding the provisions of (a) above to the contrary, group life insurance coverage may be issued in combination with other coverages in accordance with this section.(d) Insurers issuing insurance coverages combined in accordance with this section shall not be required to offer any of the coverages for separate purchase.(e) The purchase of insurance coverages combined in accordance with this section shall be voluntary on the part of the debtor.N.J. Admin. Code § 11:2-3.3
Amended by R.1998 d.41, effective 1/5/1998 (operative July 7, 1998).
See: 29 New Jersey Register 2777(a), 30 New Jersey Register 235(a).
In (a)2 and 4, substituted references to disability benefit provisions for references to disability provisions; and added (b) through (e).